Needle Roller Bearing Market

The global needle roller bearings market is expected to see continued growth in consumption volume and value, with a forecasted CAGR of +1.5% and +3.6% respectively from 2022 to 2030. In 2022, global consumption reached 135K tons and production stood at 124K tons, with major consuming countries being China, the United States, and Germany. Germany, China, and India were the top exporters, while Germany, Japan, and China were the top importers. The average import price was $21,443 per ton, with noticeable differences among countries. Overall, the market is expected to see stable growth in the coming years.

Market Forecast

Driven by increasing demand for needle roller bearings worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 153K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $5.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Needle Roller Bearings

In 2022, global consumption of needle roller bearings reached 135K tons, remaining stable against 2021 figures. The total consumption volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume of 146K tons. From 2020 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global needle roller bearing market revenue fell slightly to $4.1B in 2022, waning by -4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the global market hit record highs at $4.2B in 2021, and then shrank modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (31K tons), the United States (17K tons) and Germany (15K tons), together comprising 47% of global consumption. India, Japan, Brazil, Russia, Mexico, France, Canada, Nigeria, South Korea and Thailand lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +56.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($967M), China ($885M) and India ($507M) constituted the countries with the highest levels of market value in 2022, together accounting for 58% of the global market. Germany, Japan, Brazil, Canada, Mexico, South Korea, France, Russia, Thailand and Nigeria lagged somewhat behind, together comprising a further 24%.

In terms of the main consuming countries, Nigeria, with a CAGR of +39.9%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of needle roller bearing per capita consumption was registered in Germany (182 kg per 1000 persons), followed by Canada (64 kg per 1000 persons), the United States (50 kg per 1000 persons) and Japan (46 kg per 1000 persons), while the world average per capita consumption of needle roller bearing was estimated at 17 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the needle roller bearing per capita consumption in Germany totaled +5.0%. In the other countries, the average annual rates were as follows: Canada (+9.9% per year) and the United States (+1.3% per year).

Production

World Production of Needle Roller Bearings

In 2022, global production of needle roller bearings was estimated at 124K tons, approximately reflecting the previous year's figure. The total output volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 27% against the previous year. As a result, production reached the peak volume of 128K tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, needle roller bearing production amounted to $3.6B in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 14% against the previous year. As a result, production reached the peak level of $3.6B; afterwards, it flattened through to 2022.

Production By Country

China (42K tons) remains the largest needle roller bearing producing country worldwide, accounting for 34% of total volume. Moreover, needle roller bearing production in China exceeded the figures recorded by the second-largest producer, Japan (13K tons), threefold. India (12K tons) ranked third in terms of total production with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +3.2%. The remaining producing countries recorded the following average annual rates of production growth: Japan (+0.4% per year) and India (+1.5% per year).

Imports

World Imports of Needle Roller Bearings

In 2022, supplies from abroad of needle roller bearings increased by 3.8% to 68K tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. Over the period under review, global imports hit record highs at 69K tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, needle roller bearing imports reduced to $1.5B in 2022. In general, imports showed a modest expansion. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports attained the peak of $1.5B, and then reduced slightly in the following year.

Imports By Country

In 2022, Germany (13K tons), distantly followed by the United States (8.4K tons) and Mexico (6K tons) represented the major importers of needle roller bearings, together mixing up 41% of total imports. China (2.9K tons), South Korea (2.3K tons), Nigeria (2.3K tons), Thailand (1.9K tons), Brazil (1.9K tons), France (1.9K tons), Indonesia (1.8K tons), Japan (1.7K tons), Italy (1.5K tons) and Spain (1.5K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +56.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest needle roller bearing importing markets worldwide were Germany ($209M), the United States ($161M) and Mexico ($133M), with a combined 35% share of global imports. China, South Korea, Japan, Italy, Thailand, Brazil, France, Indonesia, Spain and Nigeria lagged somewhat behind, together comprising a further 32%.

Among the main importing countries, Nigeria, with a CAGR of +39.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average needle roller bearing import price stood at $21,443 per ton in 2022, dropping by -5.5% against the previous year. Overall, the import price showed a mild shrinkage. The most prominent rate of growth was recorded in 2020 when the average import price increased by 6.5%. Global import price peaked at $24,735 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($41,701 per ton), while Nigeria ($6,101 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.1%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Needle Roller Bearings

In 2022, approx. 57K tons of needle roller bearings were exported worldwide; growing by 5.6% against 2021 figures. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 32%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, needle roller bearing exports contracted slightly to $1.4B in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 24%. Over the period under review, the global exports reached the maximum at $1.4B in 2017; afterwards, it flattened through to 2022.

Exports By Country

In 2022, China (14K tons), distantly followed by Japan (8.8K tons), Germany (8.1K tons), Slovakia (7.3K tons) and France (3.6K tons) represented the main exporters of needle roller bearings, together constituting 73% of total exports. South Korea (2.4K tons), the United States (1.9K tons), Mexico (1.8K tons), the Czech Republic (1.7K tons), Romania (1.5K tons) and the Netherlands (1K tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Czech Republic (with a CAGR of +21.1%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($285M), Japan ($230M) and China ($211M) constituted the countries with the highest levels of exports in 2022, with a combined 53% share of global exports. Slovakia, the United States, France, South Korea, the Netherlands, the Czech Republic, Mexico and Romania lagged somewhat behind, together accounting for a further 34%.

The Czech Republic, with a CAGR of +9.9%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average needle roller bearing export price amounted to $23,978 per ton, falling by -6.1% against the previous year. In general, the export price recorded a noticeable downturn. The most prominent rate of growth was recorded in 2018 an increase of 13% against the previous year. Over the period under review, the average export prices hit record highs at $32,626 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($65,083 per ton), while Romania ($9,211 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform